Today, Vitalik Buterin revealed a new concept of stealth NFTs on Twitter. This option means that part of each NFT transaction will be private. By using stealth NFTs, it is impossible to know who received a particular NFT, and gas prices can be higher.
Of course, this controversial idea was hotly debated among members of the NFT community. Is it okay?
What did Vitalik Buterin say about Stealth NFTs?
Today, August 8th, Vitalik Buterin explained his latest idea for digital asset transactions: stealth addresses for NFTs. The Ethereum co-founder also revealed the concept on programming forums and on his Twitter.
This new concept involves hiding the public identities of NFT recipients. For clarity, you will no longer be able to see who received a particular digital asset.
“You can send ERC721 to ‘vitalik.eth’. I can see it, but no one else can see that vitalik.eth received his ERC721. They just make sure someone got her ERC721. ” he explained.
First, this idea brings a lot of privacy to blockchain. After all, transparency was one of the building blocks of the NFT market, but will that continue?
How did the NFT community react?
The NFT community quickly responded to Vitalik Buterin’s idea of a stealth NFT. Some users have backed the notion, arguing that they never wanted a transparent blockchain.
“We have a transparent blockchain not because we wanted it, but because we didn’t have the technology to make it private.”user @Quiark wrote in a tweet.
Despite this, many other users completely disagreed. Collectors believe stealth NFTs defeat the purpose of blockchain. Others argued that Vitalik Buterin did not understand the NFT world and the desires of the community.
Additionally, some users have wondered how this option affects royalties. I asked
In conclusion, Vitalik Buterin’s take on stealth NFTs is a unique low-tech concept. Regardless of the reaction of the NFT community, it will be quite some time before this idea becomes a reality.
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This article is an educational material.
As always, do your own research before making any type of investment.
